Job losses do not always bring stress, strain or ruin

Redundancy does not automatically lead to stress, strained relationships or
financial ruin, according to research assessing the impact of job losses in 18
countries.

The report, by global career consultancy Drake Beam Morin, based on a survey
of 3,000 executives, reveals that two in five respondents feel redundancy
actually strengthened their relationships with their partner.

In the UK, only five per cent of respondents say their partners had problems
dealing with the situation, despite the fact that before losing their jobs 95
per cent were the principal breadwinners.

In Singapore and Germany, the figures were slightly higher, with 19 and 15
per cent respectively of those surveyed saying their partners had trouble
accepting that they had been made redundant.

Overall, 82 per cent of respondents’ partners were supportive during their
career transition.

Less than one-third of executives were concerned or very concerned about
their finances after they were made redundant and before they found a new job.

Concern over money was most acute in Latin America, where partners were less
likely to be in employment. More than 60 per cent of respondents in Colombia
expressed concern about finances and nearly 40 per cent of executives from
Norway and New Zealand were also worried.

In the UK, 19 per cent of respondents were worried about money, but the
French were the most unconcerned on 12 per cent.

Nine out of 10 participants reported that they had benefited from support in
finding a new job.

Tony Gould, managing director of DBM in the UK, said, "It’s encouraging
to confirm that job loss is not nearly as traumatic for families as it has been
in the past.

"Over the past few decades, we have seen a rise in the stockmarket as
well as an increase in house prices, which has given people greater equity than
ever before.

"This confidence is also helped by the fact that responsible human
resource professionals in the UK are wisely supporting departing employees with
career transition services."